Trade Idea Update: EUR/USD – Stand aside

EUR/USD – 1.1932

Original strategy  :

Bought at 1.1965, stopped at 1.1930

Position : – Long at 1.1965

Target :  –

Stop : – 1.1930

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

The single currency slipped again in European session, dampening our bullishness and suggesting top has been formed at 1.2070 yesterday, hence downside risk remains for retracement of the rise from 1.1662 and weakness to 1.1890-95 cannot be ruled out, however, reckon downside would be limited to 1.1864-66 (previous support and 50% Fibonacci retracement of 1.1662-1.2070) and price should stay above previous resistance at 1.1828, bring rebound later.

On the upside, whilst recovery to 1.1955-60 cannot be ruled out, reckon 1.1980-85 would limit upside and 1.2005-10 should hold, bring retreat later. Above 1.2035-40 would suggest the retreat from 1.2070 has ended, bring another rise towards this level but break there is needed to signal upmove has resumed for headway to 1.2100.